Concerns over increasing inflation, the likelihood of multiple more interest rate hikes by the US Federal Reserve, and fears of a worldwide food crisis led to broad weakness throughout global financial markets on April 12 as the cryptocurrency market took a turn for the worst.

After failing to break over the $48,000 resistance mark, Bitcoin (BTC) is extending its decline that began on March 28.

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Although lower support around $37,500 and $40,000 might help to consolidate the downtrend, the cryptocurrency is not yet oversold.

On the daily chart, the relative strength index (RSI) is reaching oversold levels, which might put a stop to the current price decline. Oversold readings might, however, last for a few weeks, as they did earlier this year.

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On the weekly chart, momentum signals are still positive. That means BTC’s recovery from January lows remains intact, so long as buyers can maintain support above $37,500.

Bitcoin fear and greed index on Tuesday, April 12, 2022, went from the fear level of 32 to the extreme fear level of 20 as per the alternative. me. The Fear and Greed index is a technique for assessing investors’ emotions toward the market.    

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Bitcoin is currently trading at $39,776.65, down 5.64%. In the last 24 hours, the highest it touched was $42,354.27 and the lowest was $39,373.06. Bitcoin has a current market cap of $755,892,064,909. It has a circulating supply of 19,009,262.00 BTC coins and a maximum supply of 21,000,000 coins.

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Uniswap has launched a venture capital arm to invest in Web3 businesses

Uniswap has announced the formation of Uniswap Labs Ventures (ULV), a venture capital fund focused on investing in Web3 companies and projects. The firm will invest at any stage of development into various projects or technologies related to Web3, infrastructure, developer tools, and consumer-facing applications as areas of interest according to the announcement on Monday, April 11. The firm has already invested in 11 companies and Web3 protocols, including decentralized money market Aave, the decentralized autonomous organization (DAO) behind the DAI stablecoin, MakerDAO, and blockchain bridging protocol LayerZero. In the announcement, Uniswap expressed what it looked for in other projects it was interested in funding, but did not reveal any further projects it was planning on investing in.

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Meta begins developing a digital economy for creators in Horizon Worlds

Meta Platforms’ digital economy got rolling Monday with new tools for hawking virtual goods in the social media giant’s virtual reality game, Horizon Worlds. A “handful” of creators will be able to sell “virtual items and effects” in their respective worlds, Meta said. Only Americans and Canadians above the age of 18 will be able to purchase those items. Meta separately said it would reward creators whose virtual worlds prove especially popular among users with monthly bonus payouts. That program will not be subject to fees; the virtual items marketplace could see Meta take anywhere from 25% to 70%, according to The Verge. The twin efforts showcase Meta’s early buildout of the infrastructure underpinning a digital economy. Yet more monetization and incentivization features are on the way, it promised.